Factsheet: Banking

What is a bank account?

A bank account is where your money is kept at the bank. It is in
your name. When you put money into your account it is called a
deposit. When you take money from your account it is called a
withdrawal.

How does a bank account work?

Your bank records the money you deposit (put in) and withdraw
(take out). Your bank balance is the amount of money you have in
your account at that time. When you open an account at the bank you
will be given a debit card and a Personal Identification Number
(PIN).

What is a debit card?

A debit card is a plastic card used to take cash out of your
bank account, or to pay for goods and services. It is linked to
your bank account and uses your money only.

What is a PIN?

This is a 4-digit personal number you use to access your bank
account.

How to access your money?

You will need your debit card and your PIN to take money out
from your account.

Automatic Teller Machine: An ATM is a machine
that lets bank customers get money from their accounts without
going to a branch.

Electronic Funds Transfer at Point Of Sale:
EFTPOS is a way you can pay for goods or services without needing
to carry money with you.

Remember:

Banking is when you keep your money safe in a bank, credit
union or building society.

A PIN is the personal number you use to access your bank
account.

Do not tell your PIN to anyone.

Do not keep your PIN with your bank card.

For more information about your bank account and fees, you can
call your bank or visit your bank's website.

Liza gets charged bank fees

On Monday Liza needs money to buy a train ticket to get to her
English class so she takes out (withdraws) $20 from an ATM at the
Commonwealth Bank where she banks. On Tuesday she needs to buy a
book for her studies so she withdraws $20 from the Westpac ATM
outside the book shop. On Wednesday she goes to the cinema and
withdraws $30 from the ANZ ATM at the cinema.

Liza knows her Centrelink money is due in her bank account on
Thursday. She goes to the Commonwealth Bank's ATM at her local
shopping centre to check that the money has been put into her
account. Liza is surprised when she has less money in her account
than she was expecting. She is worried because she needs the money
to pay her rent and buy food.

Liza does not understand why she does not have more money in her
account and she wonders if the ATM made a mistake and told her the
wrong amount. So she visits her bank and speaks to a person who
works there named Sandeep. Sandeep explains to Liza that the amount
in her account is correct. He also explains that Liza has less
money because she has paid fees to take money out of some of the
ATMs she has used.

Sandeep explains that Liza has to pay fees when she uses an ATM
that does not belong to her bank and also when she takes money out
of her ATM too many times a week.

Sandeep suggests that Liza does a budget to find out how much
money she needs for the week. Then he suggests Liza withdraw the
money from an ATM in one transaction. This is one way to avoid
being charged for many transactions.